cession Meaning in the Cambridge English Dictionary
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Meaning of “cession” in the English Dictionary

"cession" in Business English

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cessionnoun [C or U]

uk   us   /ˈseʃən/
LAW an occasion when one ​person or country ​officially gives ​land or ​property to another, or the ​act of ​officially giving ​land or ​property away
INSURANCE the ​act of ​passingrisk from an ​insurancecompany to its reinsurer (= a ​company that ​insures an ​insurancecompany to ​protect it against large ​demands from its ​customers): Reinsurance cessions ​reduceclaims and ​claimexpenses.
(Definition of cession from the Cambridge Business English Dictionary © Cambridge University Press)
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